Monday, June 27, 2011

Home Price Calculators: What's That House Worth?

As home prices and sales volume continue declining in the Charlottesville area, the pressing question for buyers and sellers: What's that house worth?  While the "actual" worth of any property is "What a buyer is willing to pay for it," other metrics exist for calculation.

1. The blog Paper Economy has a calculator that will assess "value" according to the price jump then decline of the National housing bubble.  This calculator will give a detailed set of numbers for any address based on date purchased, including highest value, as well as current "real" and "nominal" prices.  Try it out.

2. The Housing Market News provided at Patrick.net combines original content with national news aggregation on a week-day basis.  Read "Why It's a Terrible Time to Buy an Expensive House"
and then check out the "Fair Market Price Calculator" that is based upon rent.  To find local comparable rents for a property (which you'll need to input) go to Charlottesville's Craigslist.

This previous post contains data about the Charlottesville area's most recent home sales; the declining sales volume and (in majority of cases) dropping prices are recapped here:
click for larger image in new window

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